**Underlying Asset Performance**: The primary driver is the performance of the assets held within the fund. If the fund invests in stocks, bonds, or other assets, their price fluctuations will directly impact the fund's Net Asset Value (NAV) and thus, its price.

**Market Sentiment**: General investor confidence and market trends can affect demand for the fund. Positive sentiment towards the asset class the fund invests in can increase demand and drive up the price.

**Interest Rates**: Changes in interest rates, especially if the fund holds bonds, can influence its price. Rising interest rates generally decrease bond prices, impacting the fund's value.

**Economic Conditions**: Macroeconomic factors such as inflation, economic growth, and unemployment rates can influence the performance of the underlying assets and thus the fund's price.

**Fund Management Fees**: The fund's expense ratio and management fees can indirectly impact the fund's price by reducing its overall returns. Higher fees can lead to lower returns and potentially a lower price.

**Supply and Demand**: Basic supply and demand principles apply. If there's high demand for the fund and limited supply, the price may increase. Conversely, if many investors are selling, the price could decrease.

**Currency Fluctuations**: If the fund invests in assets denominated in foreign currencies, exchange rate fluctuations can affect the fund's value when converted back to the base currency.

**Geopolitical Events**: Global events such as political instability, trade wars, or major economic policy changes can create market volatility and impact the fund's investments.

**Fund Flows**: Large inflows or outflows of money into or out of the fund can affect its price, particularly if the fund needs to buy or sell assets quickly to accommodate these flows.

**Regulatory Changes**: Changes in regulations affecting the financial markets or specific industries the fund invests in can have a positive or negative impact.